**Petrol Prices Skyrocket as Dangote Refinery Increases Gantry Price Amid Global Oil Market Volatility** The current global oil market turmoil has led to a significant increase in petrol prices in Nigeria. The Dangote Petroleum Refinery has raised its petrol gantry price by a whopping N100, pushing the ex-depot rate from N774 to N874 per litre. This move comes amidst rising tensions in the Middle East and a surge in global crude oil prices. As the conflict between the US, Israel, and Iran intensifies, the supply of crude oil and gas has been severely disrupted. The Strait of Hormuz, a strategic waterway through which half of the world's crude oil and condensates are exported, has been closed, leading to a halt in shipment and trucking of products. This has resulted in a 10% jump in Brent Crude prices, rising to $79.41 per barrel from $72.87 on Friday. In Nigeria, filling stations in Abuja have already adjusted their prices, with Conoil and NNPC filling stations along Airport Road in Lugbe selling petrol at N960 per litre, up from N880 and N875 on Monday. Energy analysts have warned that if crude prices continue to rise towards $90 per barrel, Nigeria could witness further increases in petrol and diesel prices, driven by higher shipping, insurance, and refining costs. The Dangote Refinery's decision to increase its petrol gantry price is attributed to recent fluctuations in international crude prices and rising replacement costs. The refinery's officials explained that the revision became necessary due to changes in global crude fundamentals and replacement costs. The price review also followed the refinery's suspension of petrol loading operations, which was temporarily halted after global crude oil prices surged past the $80 per barrel mark overnight. This development has triggered reactions across the downstream sector, with several private depot owners suspending petrol sales during the trading day in response to the crude rally. Some depot owners have also halted sales as the market began factoring in risk premiums associated with the sudden spike in crude prices. As the global oil market continues to experience volatility, Nigerians can expect further price increases in the coming days and weeks. The country's expanding local refining capacity may not be enough to cushion the impact of these price increases.